The admin costs I wouldn't be concerned about, provided income starts flowing.
For Sal De Vida they might as well do a HKSE listing to maintain 100% ownership, though Anthony has been clear that he doesn't want dilution and they are looking at a 70 - 80% ownership JV.
The original plan was to bring in $260 million from a HKSE listing. There is a lot of benefits to this namely just buying a converter outright and maximising income with money left for JB & SDV.
The demo project SDV sounds promising and has a potential to bring in $4 million+ p/a (low ball estimate) depending on the grade produced. At least then they are not focusing on building alone.
I am becoming more cautious of the wording used in these announcements.
GXY Price at posting:
36.5¢ Sentiment: None Disclosure: Held